Akeso Biopharma’s $333 Million Hong Kong IPO

O’Melveny & Myers LLP advised Akeso Biopharma (Akeso) in its recent listing and IPO on the Hong Kong Stock Exchange, while Davis Polk advised the underwriters.

Akeso Biopharma announced its IPO on the Hong Kong Stock Exchange. The IPO offering size is approximately HK$2.58 billion (US$330 million), making it 2020’s largest Hong Kong IPO to date. If Akeso exercises its over-allotment option, the offering size will amount to approximately HK$2.97 billion (US$383 million).

Morgan Stanley Asia Limited, J.P. Morgan Securities (Asia Pacific) Limited, BOCOM International Securities Limited China International Capital Corporation, Hong Kong Securities Limited, BOCI Asia Limited, CMB International Capital Limited, China Merchants Securities (HK) Co., Limited acted as underwriters.

Based in Guangdong, Akeso is a leading Chinese clinical-state biotech company specializing in oncology and immunology. The company has an innovative pipeline of more than 20 drugs in development.

The O’Melveny team was led by partners Ke Geng (picture) and Ke Zhu, and included counsel Yiming Liu and Qianyu Hu, associates Grace Xu, Yiying Wang, Henry Wong, Sydney Ryan and Edward Poon, and trainee solicitors Hilda Leung and Dave Chan.

The Davis Polk corporate team advising the underwriters included partners Li He and Yang Chu, counsel Stephenie Fung, counsel – registered foreign lawyer Xuelin (Steve) Wang, associate Edwin Lee and registered foreign lawyer Xiushan Sun. Counsel Alon Gurfinkel and associates Omer Harel and Summer Xia provided tax advice.

Involved fees earner: Yang Chu – Davis Polk & Wardwell; Stephenie Fung – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Omer Harel – Davis Polk & Wardwell; Li He – Davis Polk & Wardwell; Edwin Lee – Davis Polk & Wardwell; Xiushan Sun – Davis Polk & Wardwell; Xuelin Wang – Davis Polk & Wardwell; Summer Xia – Davis Polk & Wardwell; Ke Geng – O’Melveny & Myers LLP; Qianyu Hu – O’Melveny & Myers LLP; Yiming Liu – O’Melveny & Myers LLP; Yiying Wang – O’Melveny & Myers LLP; Grace Xu – O’Melveny & Myers LLP; Ke Zhu – O’Melveny & Myers LLP;

Law Firms: Davis Polk & Wardwell; O’Melveny & Myers LLP;

Clients: Akeso Biopharma Inc; BOCI Asia Limited; BOCOM International Securities Ltd; China International Capital Corporation Limited (CICC); China Merchants Securities ; CMB International Capital Limited; Hong Kong Securities; J.P. Morgan Securities (Asia Pacific) Limited; Morgan Stanley Asia Limited;

Author: Michael Patrini